This week, Facebook has been all over the news after a security breach that compromised over 50 million accounts. While Facebook has since taken control of the situation, this hack has exposed the vulnerability of centralized authentication systems. That’s because Facebook in an extremely wealth tech company both in money and human capital. They have also invested heavily invested in security systems. In essence, the fact that they can be breached at such a large scale spells doom for the entire internet ecosystem. It means that no websites are safe, especially the smaller ones that don’t have the security capabilities of Facebook or any of the other top-tier tech companies. In short, the whole idea of centralized data storage and security authentication is dead.
The solution lies in decentralized systems that don’t have a single point of failure. The Facebook hack is a turning point, one that will mark the transition towards decentralized systems. The beauty of decentralized systems is that there is no single server to attack, especially when it comes to authentication, and that’s where Digibyte comes in. With things like Digi-ID, it’s very possible to access online services without ever running the risk of hackers gaining access to your log-in credentials. That’s because, you simply scan a QR code, which then allows you to login into a website using your Digibyte wallet.
In this whole process, no personal information is sent, and your wallet information stays private. It is practically impossible for anyone to pretend to be you and access whatever websites you log-in to. What’s most interesting is that Digi-ID is free, and any website that requires users to create accounts can integrate it into their systems.
Now that is clear to all, that centralized authentication is no longer secure, more websites will have to turn to decentralized systems, and Digibyte has a realistic chance of gaining in adoption. So far no other blockchain protocol has this functionality nor matches the security capabilities of the Digibyte (DGB) blockchain. That’s because the Digibyte (DGB) blockchain is secured by 5 mining algorithms, which makes it unbreakable. This strength is a huge head start in a multi-billion dollar cyber security market that is now in crisis even as hackers become more bold and sophisticated.
It’s a perfect opportunity for DGB, and with a little market awareness campaign from the DGB community, Digibyte (DGB) could easily take over the global cyber security market. Digibyte has an opportunity to get into social media, banking, merchant websites, and all other websites where authentication is required. This gives DGB a massive leeway for growth going into 2019 and beyond.
Once it gains traction in this market, Digibyte (DGB) stands to make to the top 10 in the crypt market. That’s because once it gains traction in this market, its use case will also expand into other markets as well, including the IoT market, which is expected to be worth trillions of dollars in the next decade, and will require top security for autonomous systems that are too critical to have any security vulnerabilities.
From an investor standpoint, DGB’s security strengths make it a good hold especially now that current systems appear to be crumbling. Its need in the market is growing, and will reward long-term investors in coming years.